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Di claims wey Tinubu and Shettima make about di size of Lagos economy correct?

Di claims wey Tinubu and Shettima make about di size of Lagos economy correct?
August 31
11:35 2022

E neva tey wey Kashim Shettima, di All Progressives Congress (APC) vice-presidential candidate, claim sey Lagos na di third biggest economy for Africa.

Di former Borno govnor tok am for di annual general conference of di Nigerian Bar Association (NBA), where im represent Tinubu, di APC presidential candidate.

As im dey try give reasons why im oga (Tinubu) beta pass di oda presidential candidates, Shettima tok sey Lagos na di third largest economy for Africa. 

“Di time wey Asiwaju Bola Ahmed Tinubu be govnor for Lagos in 1999, na only one ambulance bin dey di whole state. Na N700 million Lagos bin dey make as dia internally generated revenue (IGR),” na so im tok.


“Now, na N51 billion Lagos dey carry eye see every month, di state na di the third largest economy in Africa.” 

But no bi di first time wey Shettima go make dis kain claim.

One video wey pipu share plenti times for Twitter on August 5, Shettima tok sey: “Wetin Nigeria need now na di kain oga wey go change di kontri kpatakpata…Asiwaju Bola Ahmed Tinubu don do dis kain work before, now Lagos na di third largest economy for Africa.”

Na @Progressive4BAT, one Twitter account wey dey popular because e dey always support Tinubu, first post am. Since dat time, di video don get more dan 130,000 views.


On August 6, Festus Keyamo, minister of state for labour and employment, wey dey also represent di APC Presidential Campaign Council, folo post dat same video for Twitter. Im come write sey, “na beta tin you tok, your excellency”.



For April 2022, Tinubu bin meet with fifteen APC state assembly speakers for forum wey di Lagos house of assembly host.

Inside one report wey comot for Daily Trust, Tinubu – as im bin dey try market imsef to win di APC presidential primaries — tok sey na as im be govnor for Lagos dat time an im make di state come become di largest economy for Africa.


“Since dem born me, I no dey fear anytin and na wetin don dey work for me be dat. Witout any moni from FAAC, I use my hand change Lagos make e become di largest economy for Africa. I fit cari shoulder anytime wey I want. Na di same tin I wan bring come di whole Nigeria if I become president,” na wetin dem sey Tinubu tok.

Na true sey di federation account no release moni for Lagos between 1999 and 2007? Wetin di APC presidential candidates –Shettima and Tinubu — tok about di size of Lagos economy correct? 


Na wetin we check see bi dis.



On Saturday, March 27, 2004, di state govment bin conduct elections to create 57 LGAs as part of di Local Government Areas Law No. 5 of 2002 of Lagos State.

Ebonyi, Katsina, Nasarawa and Niger states bin also create new LGAs at di same time wit Lagos.

Former president Olusegun Obasanjo for letter wey im write to Nenadi Usman, minister of state for finance during im administration, tok sey: “As di national assembly neva make di necessary arrangements wey suppose happen sake of di new local govments for di kontri, to conduct election or release moni for any of dem from di federation account na offence.”

“Because of dat, di federation account no go release moni to di local govmnent councils of all di states wey dey affected till dem go back to dia original LGAs wey dey Part I of di First Schedule to di Constitution.”

All di states come folo wetin di federal govment sey make dem do except Lagos wey cari di mata go court.

Yemi Osinbajo, di attorney general of Lagos dat time, bin argue sey, Obasanjo, under section 162 subsection (4) and (5) of di 1999 constitution, no fit command di court make dem no release moni to di LGAs from di federation account.

Di supreme court wey be di highest court come gree sey true true, di president no get dat kain power. Na so dem come tok sey make dem release di moni but dem no recognize di new LGAs wey di Lagos govment create.

Even as dem give di order, di federal government no still release di moni till Tinubu and Obasanjo comot from office. Na Umar Musa Yar’Adua, di president afta Obasanjo, later release di moni.

TheCable folo Muda Yusuf tok, former director-general of di Lagos Chamber of Commerce and Industry (LCCI), to confam weda di state get “zero allocation” as Tinubu claim.

Na di local governments moni no reach, no bi di state,” na so di economist tok.

Informate from di Central Bank of Nigeria (CBN) show sey Lagos receive N11.7 billion from the federal government in 2001.

Some informate wey for show all di moni wey Tinubu collect from CBN di time wey im bi govnor from 1999-2007 no dey internet again. 

Based on di statistics from di Office of the Accountant General of Federation (OAGF), BudgIT, Lagos state Data book wey comot in 2018, Lagos receive N48.62 billion from di federation account in 2007, di same year wey Tinubu comot office. 


All di time wey Tinubu dey office as Lagos govnor, di state receive moni from FAAC. Na only local govments no collect moni from 2004 to 2007. Di claim wey sey Lagos no collect any moni no correct.


Shettima tok sey Lagos see N700 million as dia internally generated revenue (IGR) for 1999 and di state dey collect N51 billion evri month. (IGR na all di moni wey any state or kontri dey make as profit from all dia sectors). Na wetin we find be dis.

According to one CBN data wey comot for di Research Academy of Social Sciences, na N14.6 billion Lagos record as dia yearly IGR in 1999, which mean sey na N1.2 billion evri month.

No bi di N700m wey Shettima tok and di N600m wey dey evriwhere for news.

Wen Tinubu comot office in 2007, di moni enter N83.02 billion, which mean sey na N6.9 billion evri month. Between 1999 and 2007, di wey di IGR grow for Lagos tanda at 468.63 percent, meaning sey di tin come dey get head.

Akinyemi Ashade, former commissioner of finance for Lagos, tok sey di IGR wey Lagos carry eye see evri month for 2018 na N34 billion.  

If we dey check di most recent IGR data by di National Bureau of Statistics (NBS), di 2021 half-year report show sey Lagos get N267 billion in di first six months of 2021, na about N44.5 billion evri month be dat — no bi N51 billion as Shettima claim.


Di IGR of Lagos in 1999 wen Tinubu become govnor no bi N600m monthly as e dey evriwhere for news and no bi N700m as Shettima claim. Also, as at today, di IGR wey Lagos dey see evri month na around N44.5 billion and no bi N51 billion. Di two claims no correct.


TheCable checked di claim wey Shettima and Tinubu dey always tok about di size of Lagos economy. Shettima sey na di third largest, and Tinubu sey na di third largest.

Muda Yusuf, di former LCCI director general, sey di gross domestic product (GDP) na di most sure way to check di economy size of any govment. GDP na di moni from all di goods and services wey any kontri make for one specific time.

“GDP per capita wey dey divide di GDP by all di pipu wey dey live for di place na anoda wey to measure how di kontri or state bi, because you fit check how di pipu dey live,” na so im tok.

“Lagos no get moni as pipu dey tok because di responsibilities too much especially wen you come look di amount of pipu wey di govment suppose take care of. And di question be sey, how di pipu dey take live for di economy?” 

In 2020, di Lagos Bureau of Statistics (LBS) bin rank di richest cities for Africa by GDP in dollars. Lagos, with GDP of $76 billion come 4th. Dem put Cairo with GDP of $212 billion as di biggest city economy for Africa, folo by Johannesburg ($131 billion) and Cape Town ($121 billion).


Even as e dey smaller dan di biggest economies for Africa, dem dey always compare di GDP of Lagos wit oda African kontries like sey di state folo bi kontri. 

For im 2021 report, di LBS show sey di GDP of Lagos bin tanda at N26.59 trillion, dat is $61.9 billion using di official exchange rate of N429.43 and $38.4 billion using di current N692 black market rate

TheCable compare Lagos wit oda African countries using di 2021 data.

Using di official exchange rate to change di GDP numbers wey LBS and NBS give, Lagos tanda at number 11 for Africa and 16 going by di black market rate. 

S/N Country GDP USD billion
1. Nigeria $440.7 billion
2. South Africa $419.9 billion
3. Egypt $404.1 billion
4. Algeria $167.9 billion
5. Ethiopia $111.2 billion
6. Kenya $110.3 billion
7. Ghana $77.5 billion
8. Angola $72.5 billion
9. Cote d’Ivoire $69.7 billion
10. Tanzania $67.7 billion
11. Lagos  $61.9 billion (Official rate)
12. Congo $53.9billion
13. Cameroon $45.2 billion
14. Uganda $40.4billion
15. Lagos $38.4 billion (Parallel market)
16. Sudan $34.3 billion
17. Senegal $27.6 billion

All di GDP figures wey dey dis report na from di World Bank, na only Lagos own comot from di the LBS.


Lagos no bi di third largest economy and no bi di largest economy for Africa as Tinubu and Shettima claim. Compared to di biggest cities on di continent, even di Lagos government gree sey di state na di fourth biggest economy for Africa. 


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